On Friday, August 7th, 2026, the Trump administration unveiled its eighth round of Iran-related sanctions targeting Iran's banking system and multiple companies across countries accused of laundering hundreds of millions of dollars. The Treasury Department designated Shahr Bank and two Dubai-based exchange houses, Titan Exchange and Alps International, for facilitating the retrieval of oil revenue for major Iranian exporters, including the National Iranian Oil Company and Naftiran Intertrade Co.

Treasury Secretary Scott Bessent stated, "Every facilitator that keeps the regime afloat is putting a target on its own back." The Treasury Department further noted that Titan Exchange allegedly held tens of millions of dollars on behalf of Shahr Bank and is linked to a financier previously sanctioned for involvement in a separate shipping and sanctions-evasion network.

State Department spokesperson Tommy Pigott said the measures aim to "cut the financial lifelines that sustain Iran's ruling elite." These sanctions form part of the administration's strategy to use economic tools to pressure Iran into reopening the Strait of Hormuz and to bring an end to the ongoing war, which the administration initially estimated would last four to six weeks.

Regarding the status of negotiations, President Trump commented on Thursday, August 6th, "we're doing fine" and indicated that a deal could be announced "soon."

Richard Escobedo, who covers economic policy at CBS News and is a coordinating producer at Face the Nation, reported on the sanctions. Escobedo joined CBS in 2018 and is a graduate of Texas Christian University in Fort Worth, Texas.

Sources